New opportunities and challenges emerge every day for Virginia State University. Enterprise Risk Management (ERM) is a way to better manage these challenges. ERM will better position the University to make informed decisions on allocating resources to best support the mission.
ERM takes into consideration the following:
- How risks interrelate across campus and the degree to which those risks can impact efforts to achieve the University’s strategic goals.
- It emphasizes the importance of measuring what really matters to the University, the amount of risk the University can tolerate and what management efforts fit ERM within its culture.
- It helps the University to sustain a competitive advantage, respond effectively when a significant event occurs, avoid financial surprises, effectively manage scarce resources, define risk appetite and tolerance levels, determine the effectiveness of existing risk management controls, improve risk assessments, increase management and business unit accountability and allocate resources more effectively.
The University have a three tier Enterprise Risk Management structure:
- Enterprise Risk Management Executive Committee
- Enterprise Risk Management Advisory Committee
- Risk Management Sub-Committees
All Committee members will adhere to the Freedom of Information Act where appropriate and protect the confidentiality of proprietary information or any such other information in the interest of preserving University safety and protecting its employees.